Crypto News: South Korea’s Fresh Developments Despite Market Crash

Crypto News: S. Korea May Delist Meme Coins, Enable Crypto Investment

Crypto News: Impact of South Korea’s FSC’s Plans On Crypto 

South Korea is in the news for several reasons, concerned with crypto. 

The country’s Financial Services Commission (FSC) has plans of enabling corporate investment in crypto assets. This has fueled market optimism that was earlier facing a pullback.

South Korea’s FSC has proposed a framework that will first review eligibility of the shareholder and then check the social requirements. Additionally, the FSC also has plans of supporting early institutionalization of innovative financial services.

Delisting Meme Coins 

There is another matter for which South Korea has been in the news. This is regarding the delisting of meme coins by South Korean crypto exchanges, creating fear among traders.

Crypto traders are now concerned about the possible crisis that may follow. As per reports, meme coins with no practical uses may be virtually wiped out for the purpose of market correction. 

It’s being reported that the so-called “kimchi coins” are also in queue. Kimchi coins refer to the low-cap tokens that are exclusively listed on domestic crypto exchanges. They may or may not have a connection with South Korea. This might be an effect of kimchi coin price manipulation attempts that caught the attention of regulators.  

South Korea’s FSC’s Plans

Coming to the FSC’s plans, the Director has said that there’s a need to discuss methods of creating listing standards. South Korea’s FSC wants to bring in a system where self-regulation will be better and there is more support for the players who are venturing out to apply for innovative sandbox for the first time.   

Impact On Crypto

FSC’s steps are going to impact the crypto world. The influence can be already felt. The crypto community sees this as a major recognition and adoption of the crypto segment, fueling higher liquidity and bullish sentiments for the future. 

Final Thoughts

Bitcoin today faced a massive pullback and there’s been a major crypto market crash. However, the country’s moves and developments despite the pullback are a reflection of how the crypto segment can make more drastic moves in the coming months of this year. Donald Trump’s pro-crypto fundamentals are yet to reveal its impact.